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<![CDATA[Operational Risk Analysis Using an Enterprise Risk Management (ERM) Approach in Startup Companies ]]>
<![CDATA[Bratandari, RR. Adristi]]>;
<![CDATA[Waluyowati, Nur Prima]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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<![CDATA[Purpose – This study aims to identify and analyze operational risks in a startup company, specifically FitAcademy.id by Fitinline.com, in order to minimize business failure and improve decision-making and risk control. Design/methodology/approach – This research uses an Enterprise Risk Management (ERM) approach with a qualitative-descriptive method. Data were analyzed to identify operational risk events and classify them using a risk matrix into high, moderate, and low risk levels. Findings – The study identifies nine operational risk events. The most critical risk is delays in microlearning video production caused by external factors (clients). Risk mapping shows three levels: high, moderate, and low. High-level risks mainly relate to production delays, while moderate risks include work delays, system/application errors during client explanations, and internal production constraints such as talent and facility limitations. Originality/value – This study provides practical insights into operational risk management in a microlearning-based startup, highlighting the importance of controlling both internal and external risks to improve efficiency and profitability.]]>
<![CDATA[Green Innovation, Environmental Management Accounting, and Environmental Performance: Their Impact on Firm Value ]]>
<![CDATA[Azizah, Zelfi Nur]]>;
<![CDATA[Wijayanti, Risna]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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<![CDATA[Purpose – This study aims to analyze the relationships between green innovation, Environmental Management Accounting (EMA), and firm value, with environmental performance as a mediating variable. Design/methodology/approach – This research uses a quantitative approach with purposive sampling. The sample consists of 38 energy-sector companies listed on the Indonesia Stock Exchange during 2019–2022. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 4 to examine direct and indirect relationships among variables. Findings – The results show that green innovation and EMA significantly affect firm performance. Green innovation also has a significant effect on environmental performance. However, environmental performance does not mediate the relationship between green innovation, EMA, and firm value. Originality/value – This study contributes to sustainability and corporate finance literature by providing evidence that environmental performance does not necessarily act as a mediating mechanism in linking green practices to firm value in the energy sector.]]>
<![CDATA[The Reaction of Capital Markets on the 2024 Presidential Election (An Event Study of Companies in the Infrastructure Sector and Building Construction Sub-Sector Listed on the Indonesia Stock Exchange) ]]>
<![CDATA[Prasintahayu, Elysa]]>;
<![CDATA[Indrawati, Nur Khusniyah]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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<![CDATA[Purpose – This study aims to analyze the reaction of the capital market to the 2024 Indonesian presidential election in the infrastructure and building construction sub-sector listed on the Indonesia Stock Exchange. Design/methodology/approach – This research uses a quantitative event study approach. The sample consists of 17 companies selected through purposive sampling, specifically firms categorized in the green zone according to Refinitiv. Data were obtained from documentation sources, with variables including abnormal return and trading volume activity. Findings – The results show that there is no significant difference in average abnormal return before and after the 2024 presidential election. However, there is a significant difference in average trading volume activity before and after the election. Originality/value – This study contributes to event study literature by providing empirical evidence on how political events influence capital market behavior in the Indonesian infrastructure and construction sector.]]>
<![CDATA[The Effects of The Application of Sipkd and Internal Control on The Quality of Regional Financial Statements ]]>
<![CDATA[Sulistianingrum, Zevanya]]>;
<![CDATA[Champaca, Mychelia]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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<![CDATA[ Purpose – This study aims to assess and analyze the effects of the Regional Financial Management Information System (SIPKD) implementation and internal control on the quality of regional financial statements in local government agencies of Sragen Regency. Design/methodology/approach – This quantitative descriptive research uses purposive sampling, involving 76 respondents from local government agency staff in Sragen Regency. Data were collected through questionnaires and analyzed using multiple linear regression with STATA version 17.0. Findings – The results show that SIPKD implementation and internal control simultaneously have a positive and significant effect on the quality of regional financial statements. Partially, SIPKD has no significant effect, while internal control has a positive and significant effect on financial statement quality. Originality/value – This study highlights the dominant role of internal control compared to information system implementation in improving the quality of local government financial reporting in Indonesia.]]>
<![CDATA[Analysis Of Stock Prices, Stock Returns, And Stock Trading Volumes of Companies Before and After Merger & Acquisition Announcement ]]>
<![CDATA[Sihombing, Ruth Vrinida]]>;
<![CDATA[Djazuli, Atim]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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<![CDATA[Purpose – This study aims to assess and explain differences in stock prices, stock returns, and stock trading volume of companies listed on the Indonesia Stock Exchange (IDX) in 2022 following mergers and acquisitions. Design/methodology/approach – This research uses a quantitative approach with a population and sample consisting of companies that conducted mergers or acquisitions in 2022. Data were analyzed using descriptive statistics, normality tests, and difference tests in SPSS. Normally distributed data were tested using the Paired Sample T-Test, while non-normally distributed data were analyzed using the Wilcoxon Signed-Rank Test. Findings – The results show that there are no significant differences in stock prices, stock returns, and stock trading volume after mergers and acquisitions among listed companies on the IDX in 2022. Originality/value – This study provides empirical evidence on the limited short-term market impact of mergers and acquisitions in the Indonesian capital market and contributes to event study literature in emerging markets.]]>
<![CDATA[Analysis of Inventory Control of Raw Materials for Cotton Fabric Using the Economic Order Quantity Method ]]>
<![CDATA[Chairunnisa, Ananda]]>;
<![CDATA[Surachman]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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<![CDATA[Purpose – This study aims to determine and optimize the supply of cotton fabric raw materials at PT Sansan Saudaratex Jaya Cibaligo using the Economic Order Quantity (EOQ) method. Design/methodology/approach – This research uses a quantitative approach with data collected through interviews and documentation. The data were analyzed using the EOQ method, including calculations of purchase frequency, Total Inventory Cost (TIC), safety stock, and reorder point. Findings – The results show that the EOQ method produces lower total inventory costs compared to the conventional method. This leads to improved cost efficiency and increased company profitability. Originality/value – This study demonstrates the practical application of EOQ in optimizing raw material inventory management and reducing excess stock in a manufacturing company context.]]>
<![CDATA[Sustainability and Profitability: Does ESG Disclosure Influence Firm Value? Evidence From Indonesia ]]>
<![CDATA[Zulianto, Angga]]>;
<![CDATA[Aisjah, Siti]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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<![CDATA[Purpose – This study aims to examine the effect of Environmental Social Governance (ESG) disclosure as a non-financial measure and Return on Equity (ROE) as a financial measure on firm value. Design/methodology/approach – This quantitative study uses secondary data obtained from Bloomberg and company annual reports. The population consists of companies listed in the IDX ESG Leader during 2020–2023, totaling 50 firms, with 13 companies selected through purposive sampling. Data were analyzed using multiple linear regression and classical assumption tests with SPSS 26. Theoretical framework is based on Legitimacy Theory and Stakeholder Theory. Findings – The results show that ESG disclosure does not have a significant effect on firm value (Tobin’s Q). In contrast, Return on Equity (ROE) has a positive and significant effect on firm value. This indicates that investors place greater emphasis on financial performance than ESG disclosure in evaluating firm value. Originality/value – This study provides empirical evidence from an emerging market context that financial performance remains a dominant determinant of firm value compared to ESG disclosure, contributing to the ongoing debate on sustainable investment relevance.]]>
<![CDATA[The Effect of Profitability, Liquidity, and Capital Structure on Firm Value ]]>
<![CDATA[Wijaya, Andreanno Septian Eka]]>;
<![CDATA[Andarwati]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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<![CDATA[Purpose – This quantitative causal research aims to analyze the effect of profitability, liquidity, and capital structure on firm value in food and beverage manufacturing companies listed on the Indonesia Stock Exchange during the 2020–2023 period. Design/methodology/approach – This study uses secondary data from 28 companies selected through a saturation sampling technique. Data were analyzed using multiple linear regression with SPSS for Windows version 30. Findings – The results show that profitability has a positive and significant effect on firm value, while liquidity and capital structure have negative and significant effects. Overall, the three variables are able to explain variations in firm value. Originality/value – This study contributes to financial management literature by providing empirical evidence on the combined impact of profitability, liquidity, and capital structure on firm value in the Indonesian food and beverage sector.]]>
<![CDATA[The Influence of Intellectual Capital on Firm Value: The Mediating Role of Profitability ]]>
<![CDATA[Kesuma, Satrio Fajar]]>;
<![CDATA[Ratnawati, Kusuma]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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<![CDATA[Purpose – This study aims to analyze the effect of intellectual capital on firm value, with profitability as a mediating variable, focusing on both direct and indirect relationships among the variables. Design/methodology/approach – This research employs a quantitative explanatory design. The analysis uses path analysis and the Sobel test to examine the hypotheses. The sample consists of 100 observations selected through purposive sampling based on specific criteria during the 2019–2023 period. Findings – The results show that intellectual capital has a significant direct effect on firm value. However, intellectual capital does not have a significant effect on profitability, and profitability does not significantly affect firm value. Therefore, profitability does not mediate the relationship between intellectual capital and firm value. Originality/value – This study provides evidence that intellectual capital influences firm value directly rather than through profitability, emphasizing the strategic role of intangible assets in corporate value creation.]]>
<![CDATA[Maintenance System Analysis Using the Total Productive Maintenance (TPM) Method ]]>
<![CDATA[Ananta, Yusril]]>;
<![CDATA[Pradana, Bayu Ilham]]>
<![CDATA[ Jurnal Management Risiko dan Keuangan Vol. 4 No. 1 (2025) ]]>
Publisher : <![CDATA[Fakultas Ekonomi dan Bisnis Universitas Brawijaya ]]>
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<![CDATA[Purpose – This study aims to analyze the maintenance system of the mill station at PG Krebet Baru Unit of PT PG Rajawali I, evaluate its effectiveness, and provide recommendations for improving machinery and production equipment maintenance based on the Total Productive Maintenance (TPM) method. Design/methodology/approach – This quantitative descriptive study uses observation, interviews, and document analysis. The data were analyzed using Overall Equipment Effectiveness (OEE), Six Big Losses analysis, and Fishbone Diagram to evaluate maintenance performance and identify production losses. Findings – The results show that maintenance activities are implemented through preventive, breakdown, and predictive approaches. The OEE value reached 98.53%, with availability at 99.17%, performance efficiency at 99.97%, and quality rate at 99.38%. The Six Big Losses analysis indicates that the largest loss is reduced speed losses at 6.9%. Originality/value – This study applies a TPM-based evaluation combining OEE and Six Big Losses analysis to identify efficiency issues in sugar milling operations, providing practical recommendations for improving maintenance performance and production stability..]]>
